Global markets tumbled midweek as continued fears of further coronavirus lockdowns rattled investors. Contrastingly, bitcoin made a dramatic surge towards $14,000 before dipping back down to $13,000. Towards the end of last week, we saw another push upwards, briefly breaching the $14,000 level.
Simon Peters, analyst, eToro: Bitcoin rises as analysts run out of superlatives
Last week saw bitcoin continue to blister through the $13,000 level, even touching $14,000 before dipping again. Despite these fluctuations in movement and the rapid dip following the rapid rise, I am happy with where we currently stand. It has been 12 years since Google Trends shows that the people searching for DeFi hit its peak in the last week of August and the first week of September. Since then, searches have dropped off by 62%.
But does that mean interest in DeFi protocols has tailed off? Not according to the amount of capital continuously being pumped into such protocols. The current figure, according to DeFi Pulse, stands at $11.02bn. What that means is that interest and the use of DeFi platforms continue to grow, but seemingly without the crazy hype from the summer. To me, that is not necessarily a bad thing. It is healthy that we see the end of the buzz but interest continues, as it highlights and is indicative of the genuine value that the crypto community places on DeFi. Or at least, some of the crypto community, as labeling such a group as homogenous would be inaccurate!
Exchanges should keep supporting projects that have garnered investor interest. At eToro we recently announced our support of Flare, with those holding XRP on our investment platform or crypto exchange to be included in the network’s snapshot, determining how many Spark tokens they will receive.
David Derhy, analyst, eToro: JPM could be the initiator in the crypto bank race
Last week J.P. Morgan’s global head of wholesale payments Takis Georgakopoulos, said that the firm is about to use its own cryptocurrency for a commercial transaction.